Smart water meter market is undoubtedly coming out as one of the most rapidly emerging industries in the global landscape with increasing number of water utilities incorporating this technology into their operations. These smart meters enable bi-directional data management thereby offering a better service supply value chain by identifying the endpoint leakage and effectively monitoring non-revenue water. In addition to this, increasing administrative emphasis on mandating smart water meters’ deployment especially across developed nations is further propelling the industry expansion.
As per Global Market Insights, Inc., “Smart water meter market having had a revenue of USD 6 billion in 2016, is slated to exceed USD 14 billion by 2024.”
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Smart water meter market is drawing an appreciable revenue from its wide set of applications in three major end use sectors-residential, commercial, and utility. Residential applications, one of the dominating sectors thriving the overall market is anticipated to have a volume consumption of 90 million units by 2024. The massive growth of this application can be attributed to the growing consumer urge for transparency and accuracy in the billing system. In addition to this, the market is further witnessing a global demand from residential application after the launching of prepaid water meters as these meters can better address the problem of water leakage through NRW.
Commercial area is also expected to cover a significant portion of Smart water meter industry share in the years ahead, having held 35% of the overall market in 2016. It is also estimated to exhibit a tremendous annual growth rate of 15% over the next seven years. Smart water meter market share from utility applications will also grow lucratively at an annual rate of 13% over the period of 2016-2024.
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Automatic meter infrastructure(AMI) and automatic meter reading (AMR) are the prevailing Smart water meter technologies adopted by the end-users. AMR based water meters’ comparative lower cost puts them on a higher edge than AMI systems as the cost effectivity encourages large scale adoption of these systems both in commercial as well as in utility sectors. Automatic meter reading based Smart water meter industry is slated to record a volume coverage of 150 million units over the coming seven years. Although data safety issues relating to consumption tracking may act as a road block, yet Smart water meter market from AMI based system will also register a y-o-y growth rate of 10% over 2016-2024.
Based on global trends, U.S, the most prominent player in North America Smart water meter industry is expected to register a revenue of USD 3 billion by 2024. A large-scale deployment of smart water meters especially in utility sector will majorly influence the regional growth. Another prominent region which is witnessing a global prominence in terms of market size is Europe. European government‘s lumpsum investments in combating the environmental crisis are favoring smart water meters’ adoption in this region. UK, the major revenue pocket for Europe Smart water meter industry is estimated to show a lucrative double digit (12%) annual growth rate over the coming seven years.
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